Core Viewpoint - Booking Holdings Inc. is set to implement a stock split, providing investors with 25 shares for each share they own, aimed at making the stock more accessible after its high price of $4,269.99 per share [1]. Group 1: Stock Split Details - The stock split will reduce the share price to approximately $165 and is scheduled to take effect on April 2 [4]. - This decision follows a significant increase in the company's stock price, which has risen about 16,831% since its previous reverse stock split in 2003 [2]. Group 2: Company Performance - Booking Holdings reported a 16% increase in bookings year-over-year, reaching $43 billion, which exceeded analyst expectations [4]. - Despite the positive quarterly results, shares fell about 0.6% in extended trading and have decreased by 20% year-to-date as of Wednesday's close [5].

Financial Data and Key Metrics Changes - In Q4 2025, room nights reached 285 million, a 9% year-over-year increase, exceeding expectations [7] - Fourth quarter gross bookings and revenue both increased by 16% year-over-year [8] - Adjusted EBITDA for Q4 was $2.2 billion, up 19% from the prior year quarter, with adjusted earnings per share growing 17% year-over-year [8][27] - For the full year 2025, room nights exceeded 1.2 billion, an 8% increase year-over-year, with gross bookings and revenue growth of 12% and 13% respectively [9] - Adjusted EBITDA for the full year was over $9.9 billion, increasing 20% year-over-year, with adjusted margins reaching 36.9% [9][37] Business Line Data and Key Metrics Changes - Connected trip transactions grew in the high 20% range, representing a low double-digit percentage of Booking.com's total transactions [12] - Flights bookings increased by 37% year-over-year, totaling 68 million airline tickets booked across platforms, contributing $16.8 billion in gross bookings [12][32] - Alternative accommodations room night growth was about 10% for the full year, with a global mix of alternative accommodation room nights at about 36% [31] Market Data and Key Metrics Changes - Asia experienced low double-digit room night growth, supported by rising incomes and increasing cross-border travel [15] - The U.S. delivered low double-digit growth, aided by targeted investments and momentum in the B2B business [24] - Europe and the rest of the world saw high single-digit growth in room nights [24] Company Strategy and Development Direction - The company is focused on advancing its Connected Trip vision and enhancing AI capabilities to improve traveler experiences [11][12] - Strategic investments are being made to support sustained growth and long-term value creation, particularly in Asia and the U.S. [11][36] - The transformation program has enabled approximately $550 million in annual run rate savings, which will be reinvested into strategic priorities [36][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about travel demand resilience and the company's ability to leverage AI for innovation [5][6] - The company anticipates full-year constant currency top-line growth of approximately 100 basis points ahead of its long-term growth algorithm for 2026 [11][44] - The first quarter of 2026 is expected to see room night growth between 5% and 7%, with gross bookings projected to increase between 14% and 16% [46][47] Other Important Information - The company plans to return capital to shareholders, including a 9.4% increase in quarterly cash dividends and a 25-for-1 stock split [41] - The full-year 2025 free cash flow was approximately $9.1 billion, a 15% increase from 2024 [39] Q&A Session Summary Question: Marketing spend deleverage in December quarter - Management noted that tactical marketing investments were made to capitalize on opportunities, leading to a 19% EBITDA growth despite some deleverage [50][51][54] Question: Economic uplift from agentic capabilities - Management highlighted ongoing development of agentic tools aimed at personalizing the travel experience, with early positive metrics observed [58][62] Question: Insights on the Genius program - Management acknowledged the importance of loyalty and indicated plans to enhance the Genius program further, with a focus on increasing direct bookings [68][70][72] Question: Update on partnerships with agentic businesses - Management stated that while they are early partners with large language model players, the complexity of being a merchant of record presents challenges that may not be easily overcome by these players [76][80]

Financial Data and Key Metrics Changes - In Q4 2025, room nights reached 285 million, a 9% year-over-year increase, exceeding expectations [7] - Fourth quarter gross bookings and revenue both increased by 16% year-over-year [8] - Adjusted EBITDA for Q4 was $2.2 billion, up 19% from the prior year quarter, with adjusted earnings per share growing 17% year-over-year [8][27] - For the full year, room nights exceeded 1.2 billion, an 8% increase year-over-year, with gross bookings and revenue growth at 12% and 13% respectively [9] - Adjusted EBITDA for the full year was over $9.9 billion, increasing 20% year-over-year, with adjusted margins reaching 36.9% [9][37] Business Line Data and Key Metrics Changes - Connected Trip transactions grew in the high 20% range, representing a low double-digit percentage of total transactions [12] - Flights bookings increased by 37% year-over-year, totaling 68 million airline tickets booked across platforms, generating gross bookings of $16.8 billion [12][32] - Alternative accommodations saw a full-year room night growth of about 10%, with a global mix of alternative accommodation room nights at about 36% [31] Market Data and Key Metrics Changes - Asia experienced low double-digit room night growth, supported by rising incomes and increasing cross-border travel [15] - The U.S. room night growth improved from low single digits in the first half of 2025 to low double digits in Q4 [28] - Europe and the rest of the world saw high single-digit room night growth [24] Company Strategy and Development Direction - The company is focused on advancing its Connected Trip vision and enhancing AI capabilities to improve traveler experiences [11][12] - Strategic investments are being made to support sustained growth and long-term value creation, particularly in Asia and the U.S. [11][36] - The transformation program has enabled approximately $550 million in annual run rate savings, which will be reinvested into strategic priorities [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about travel demand resilience and the company's ability to leverage AI for innovation [5][6] - The company anticipates full-year constant currency top-line growth of approximately 100 basis points ahead of its long-term growth algorithm [11] - For Q1 2026, room night growth is expected to be between 5% and 7%, with gross bookings projected to increase between 14% and 16% [46][47] Other Important Information - The company returned a total of $8.2 billion to shareholders in 2025, including $5.9 billion in share repurchases [40] - A 9.4% increase in the quarterly cash dividend per share to $10.50 was announced, reflecting confidence in long-term earnings [41] - A 25-for-1 stock split will take effect on April 2, 2026 [41] Q&A Session Summary Question: Marketing spend deleverage in December quarter - Management noted that tactical marketing investments were made to capitalize on opportunities, leading to a 19% EBITDA growth despite some deleverage [50][51][54] Question: Economic uplift from agentic capabilities - Management highlighted ongoing development of agentic tools aimed at personalizing travel experiences, with early positive metrics observed [58][62] Question: Insights on the Genius program - Management acknowledged the importance of loyalty and indicated plans to enhance the Genius program, which has shown strong engagement and contribution to bookings [68][72]

Financial Data and Key Metrics Changes - In Q4 2025, room nights reached 285 million, a 9% year-over-year increase, exceeding expectations [5][6] - Fourth quarter gross bookings and revenue both increased by 16% year-over-year [6][22] - Adjusted EBITDA for Q4 was $2.2 billion, up 19% from the prior year [6][25] - For the full year 2025, room nights exceeded 1.2 billion, an 8% increase year-over-year, with gross bookings and revenue growth at 12% and 13% respectively [6][30] - Adjusted EBITDA for the full year was over $9.9 billion, increasing 20% year-over-year, with adjusted margins reaching 36.9% [7][34] Business Line Data and Key Metrics Changes - Connected trip transactions grew in the high 20% range, representing a low double-digit percentage of total transactions [11] - Airline tickets booked across platforms reached 68 million, a 37% year-over-year increase, contributing $16.8 billion in gross bookings [11][29] - Alternative accommodations saw a full year room night growth of about 10% [28] Market Data and Key Metrics Changes - Asia and the U.S. each delivered low double-digit growth in room nights, while Europe and the rest of the world saw high single-digit growth [20][26] - The U.S. room night growth accelerated from low single digits in the first half of 2025 to low double digits in Q4 [26] Company Strategy and Development Direction - The company is focused on advancing its Connected Trip vision and enhancing AI capabilities to improve traveler experiences [10][12] - Strategic investments are being made to support sustained growth and long-term value creation, particularly in Asia and the U.S. [10][39] - The transformation program has enabled approximately $550 million in annual run rate savings, which will be reinvested into strategic priorities [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about travel demand resilience and the company's ability to leverage AI for enhanced customer experiences [4][19] - The company anticipates full-year constant currency top-line growth of approximately 100 basis points ahead of its long-term growth algorithm for 2026 [10][40] - Management expects to maintain disciplined capital returns while investing in growth opportunities [37][40] Other Important Information - The company returned a total of $8.2 billion to shareholders in 2025, including $5.9 billion in share repurchases [36] - A 9.4% increase in the quarterly cash dividend per share to $10.50 was announced, reflecting confidence in long-term earnings [37] Q&A Session Summary Question: Marketing spend deleverage in December quarter - Management noted that marketing spend was tactical, taking advantage of opportunities for long-term value, despite some deleverage [45][46] Question: Economic uplift from agentic capabilities - Management highlighted the goal of creating a personalized digital travel agent experience, with ongoing investments in agentic tools [52][54] Question: Updates on the Genius program - The Genius program is seen as a key area for increasing loyalty and engagement, with plans for further enhancements [62][63]

Financial Performance - For the year ended December 31, 2025, Booking Holdings reported revenues of $26.9 billion, categorized into "merchant," "agency," and "advertising and other" revenues[17]. - Total revenues increased by approximately 13% in 2025 compared to 2024, including a benefit of about 3% from changes in foreign currency exchange rates[201]. - The company paid cash dividends of $1.2 billion during the year ended December 31, 2025, and declared a cash dividend of $10.50 per share, payable on March 31, 2026[169]. - The company repurchased shares of its common stock for an aggregate cost of $6.4 billion during the year ended December 31, 2025[173]. - The total stockholder return for the company from December 31, 2020, to December 31, 2025, increased from 100.00 to 244.36, outperforming the NASDAQ Composite Index and S&P 500 Index[172]. Market Trends and Growth - Booking.com achieved a year-over-year flight ticket growth of 37% and approximately 80% growth in attraction ticket sales, indicating strong demand in travel services[20]. - The company recognizes that global travel bookings are expected to grow, shifting from offline to online channels, which will benefit its service offerings[18]. - Global room nights increased by 8% year-over-year in 2025, with a 9% increase in Q4 2025 compared to Q4 2024, driven by strong travel demand in Europe and Asia[183]. - The mix of total gross bookings generated on a merchant basis increased to 70% in 2025, up from 63% in 2024, reflecting a shift from agency to merchant bookings[192]. - The mix of room nights booked for alternative accommodation properties was approximately 36% in 2025, up from 35% in 2024, indicating a growing consumer demand for these types of properties[195]. Strategic Initiatives - The company is focused on expanding its Genius loyalty program and increasing brand awareness in key markets such as Asia and the U.S.[15]. - Booking Holdings aims to integrate generative AI features to enhance consumer and partner experiences, driving operational efficiencies[15]. - The company is executing a Transformation Program to drive efficiency and create capacity for reinvestments in strategic priorities for long-term value creation[15]. - The company continues to focus on innovation and the development of an AI-powered traveler experience, referred to as the "Connected Trip," to enhance customer engagement and loyalty[190]. Employee and Organizational Culture - As of December 31, 2025, Booking Holdings employed approximately 24,300 employees, with 97% being full-time[38]. - The company emphasizes the importance of attracting and retaining top talent, focusing on employee engagement, mental well-being, and career development[40]. - The company measures organizational culture and engagement through regular surveys, sharing results with senior management to enhance employee feedback mechanisms[41]. - Retaining highly skilled employees is critical for performance, and challenges in attracting talent could negatively impact business growth and innovation[71]. Risks and Challenges - The company faces risks from declines in the travel industry, which can negatively impact financial performance due to fluctuations in consumer discretionary spending[47]. - Macroeconomic uncertainties and geopolitical tensions have caused significant volatility in foreign currency exchange rates, affecting consumer travel behavior[48]. - The company operates in a highly competitive market, facing pressure from online travel companies and large technology firms that may reduce market share and profit margins[50]. - The alternative accommodations business faces risks related to liability claims and regulatory developments, which could affect profitability and growth[64]. - Cybersecurity risks, including data breaches and system vulnerabilities, could lead to reputational harm and financial liabilities[83]. Compliance and Regulatory Issues - Compliance with evolving data privacy regulations, such as GDPR and CCPA, imposes significant obligations and potential penalties that could adversely affect financial condition[86]. - The company is subject to various global regulations that could lead to fines, penalties, and reputational damage if not adhered to, affecting its ability to conduct business[118]. - The company is involved in ongoing investigations related to competition law, which could lead to changes in business practices and potential financial liabilities[107][108]. - Compliance with new regulations such as the EU's DMA and DSA has increased operational costs and could impose additional obligations that may not apply to competitors[109][110]. Financial Liabilities and Assets - The company faces risks associated with increased levels of debt, which could affect its ability to make principal and interest payments[146]. - The company has a substantial investment portfolio, which is subject to market price volatility and could impact its financial condition[147]. - The company recognized goodwill and intangible assets impairment charges during fiscal year 2025, reflecting significant judgments and estimates that could materially differ from actual results[75]. - The company recognized a goodwill impairment charge of $180 million for KAYAK, resulting in an adjusted carrying value of $203 million[208].

Confidential - Do not distribute Q4 2025 Earnings Presentation February 18, 2026 Disclosure Regarding Forward-Looking Statements This presentation contains forward-looking statements including regarding our outlook. These forward-looking statements reflect the views of Booking Holdings Inc.'s (the "Company" or "Booking Holdings") management regarding current expectations and projections about future events and conditions and are based on currently available information and current foreign currency exchange ...

Core Insights - The online travel agency reported a 9% increase in room nights and a 16% rise in gross bookings [1] Company Performance - Room nights increased by 9%, indicating a growth in customer engagement and demand for travel services [1] - Gross bookings rose by 16%, reflecting a strong performance in overall sales and revenue generation [1] Industry Trends - The increase in room nights and gross bookings suggests a positive trend in the online travel industry, potentially driven by a rebound in travel demand [1]

Booking四季度营收63.5亿美元，分析师预期61.3亿美元。 来源：滚动播报 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) February 18, 2026 Booking Holdings Inc. (Exact name of registrant as specified in its charter) (State or other Jurisdiction of Incorporation) Delaware 1-36691 06-1528493 (Commission File Number) (IRS Employer Identification No.) 800 Connecticut Avenue Norwalk Connecticut 06854 (Address of princi ...

Group 1 - The software trade, particularly in cybersecurity, is experiencing pressure, exemplified by Palo Alto Networks (PANW) shares falling by up to 6% after the company revised its full-year earnings outlook downward [1] - As of February 13, 74% of S&P 500 companies have reported their results, with blended earnings growth at 13.2%, indicating a strong performance overall [1] - If the current growth rate of 13.2% is maintained, it would mark the 10th consecutive quarter of annual earnings growth for the S&P 500 and the fifth consecutive quarter of double-digit growth [2] Group 2 - General Mills (GIS) shares declined following disappointing earnings, while eToro (ETOR) saw a stock increase of over 20% due to a strong quarterly performance [2] - Upcoming earnings reports from major companies such as Walmart (WMT), Deere & Co. (DE), Analog Devices (ADI), Booking Holdings (BKNG), DoorDash (DASH), and eBay (EBAY) will be closely monitored by investors [3]